Aircel became the first victim of the Reserve Bank of India’s zeal to promote bankruptcy law to resolve default cases instead of numerous but complicated restructuring programmes that were holding up revival of...
A failed merger and bailout plan hammered the last nail in Aircel’s coffin
For Anand Krishnan, the promoter of Maxis and a majority shareholder in Aircel, it is a tryst he’d like to forget. On January 25 this year Aircel went into a strategic debt restructuring programme with its lenders...
Aircel lenders led by SBI agree to restructure debt
Aircel has entered a strategic debt restructuring (SDR) process after initially reluctant lenders led by State Bank of India agreed to convert debt into equity, people familiar with the matter said. The final contours...
GTL Infrastructure asks Delhi HC to block Aircel debt rejig
GTL InfrastructureBSE -1.00 %, a telecom tower company, has filed a petition in the Delhi High Court to block the financial restructuring of Aircel until the mobile service provider pays it over Rs 900 crore for...
NCLT likely to appoint insolvency resolution petition for IVRCL on Jan 8
Hyderabad bench of National Company Law Tribunal (NCLT) is likely to admit the insolvency resolution petition against Hyderabad-based infrastructure company IVRCL on January 8. The State Bank of India (SBI), one of the...
Adani, Neyveli Lignite & Sembcorp in the race to buy stake in GMR’s Power project
Adani PowerBSE 1.29 %, state-run Neyveli LigniteBSE 4.10 % and Singapore-based Sembcorp Industries are in the race to acquire majority stake in GMR InfrastructureBSE -2.69 %’s 1,370-mw thermal power plant in...
Insolvency process: Edelweiss joins race for Monnet Ispat
Edelweiss Asset Reconstruction Company has joined the race to buy Monnet Ispat & Energy’s assets after JSW Steel presented a resolution plan asking lenders to take a 72 percent haircut on the company’s Rs 8,900...
Brookfield-Kotak bids for Jaypee’s power assets
Canadian asset manager Brookfield and the Kotak Mahindra group have jointly bid for 2,200 megawatts of power assets belonging to Jaypee Power Ventures, a unit of Jaiprakash Associates, two persons with direct knowledge...
Chinese lenders may take 70% in RCom’s Dhirubhai Ambani Knowledge City
China Development Bank, along with other Chinese lenders, which filed for insolvency against Rcom last month, is in advanced talks to take up 70% in development of Dhirubhai Ambani Knowledge City (DAKC) in Navi Mumbai...
Eight Capital, Centrum eye stake in Hindustan Dorr-Oliver
Eight Capital Group and Centrum Capital Ltd are in a race to pick up a majority stake in Hindustan Dorr-Oliver Ltd (HDO), which is currently facing corporate insolvency proceedings, two people familiar with the...
RCom says in settlement talks, CDB counsel denies move
Reliance Communications (RCom) on Wednesday insisted it was negotiating a settlement with China Development Bank, one of its largest creditors, even as the Chinese government banker sought to club its insolvency...
More Chinese lenders likely to pursue RCom in insolvency court
Two major Chinese lenders plan to support a move by China Development Bank to put Indian wireless carrier Reliance Communications (RCom) into insolvency court as they seek to recover about $2 billion in debt, said three...